A new Steam update has been released all you have to do is to reload Steam and it will update.
Changelog:- Fixed "Cache read error" some user are experiencing - Steam now checks for invalid CD keys immediately on game launch - Optimized content server load balancing - Change banner to always show the most recently connected content server - Fixed "No config servers online" state error - Steam now handles siultaneously logging in to multiple machines better - Fixed forced disconnections happening too often - this will now only happen if Steam's filesystem is lost - Fixed several cases where the 'ticket has expired' error could occur without displaying the refresh login dialog - Fixed all cases of the #Steam_Roo missing string problem - Added support for ATI "Rebate" product keys